In today’s (June 8, 2022) statement of development and regulatory policies, the Reserve Bank of India (RBI) announced measures to support cooperative banks by doubling the credit limits for the individual borrowers of Primary (Urban) Co-operative Banks (UCBs) and Rural Cooperative Banks (RCBs) – State Cooperative Banks and District Central Cooperative Banks. According to the…
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 50 basis points (bps) to 4.90 per cent. The move comes barely a month after the central bank in a surprise off-cycle meeting had jacked up the repo rate by 40 basis points to 4.40 per cent to…
Have you linked your PAN card with aadhar? If not do it fast to avoid a double penalty from 1st July. Further, your PAN card may become inoperative if the same is not linked to aadhaar before the deadline of March 2023. Central Board of Direct Taxes (CBDT), circular vide F.No. 370142/14/22-TPL dated on 30th…
[Today, RBI clarifies about Government order on Production Linked Incentive (PLI)] Updated on 31.05.2022 In the RBI circular dated March 8, 2022, it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government. In this regard,…
On Friday RBI released its annual report 2021-22, a statutory report of its central board of directors for the period April 2021-March 2022. As per the RBI report, counterfeit notes of all denominations increased in the financial year 2021-22. The RBI detected 101.9 per cent more fake notes of Rs. 500 denomination and 54.16 per…
Updated on May 26, 2022 The RBI on Thursday eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to Rs 25 crore, with a view to encouraging more players in the segment. Before this amendment, a networth of Rs.100 crore was required to obtain authorisation for…
[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…
Reserve Bank of India (RBI) on Tuesday said primary cooperative banks can now extend loans of up to Rs 10 lakh to individuals for repair or alterations of their dwelling units in metropolitan centres. “The ceiling on such loans is now revised to Rs 10 lakh in metropolitan centres (those centres with a population of…
Government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no more…
RBI on Wednesday (18.05.2022) notified all the banks that the RBI circular dated February 04, 2019, related to Kisan Credit Card (KCC) for ‘Working Capital for Animal Husbandry and Fisheries’ stand modified. Modification of the scheme was necessitated by the Central Bank in India (RBI), as they received information that the licensing/authorisation related requirements pertaining…